| REGISTERED NUMBER: |
| Family Vision Limited |
| Unaudited Financial Statements for the Year Ended 31 December 2025 |
| REGISTERED NUMBER: |
| Family Vision Limited |
| Unaudited Financial Statements for the Year Ended 31 December 2025 |
| Family Vision Limited (Registered number: 01562332) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Family Vision Limited |
| Company Information |
| for the Year Ended 31 December 2025 |
| Directors: |
| Registered office: |
| Registered number: |
| Accountants: |
| 5th Floor Hodge House |
| 114-116 St Mary Street |
| Cardiff |
| CF10 1DY |
| Family Vision Limited (Registered number: 01562332) |
| Balance Sheet |
| 31 December 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| Fixed assets |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| Current assets |
| Stocks |
| Debtors | 7 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| Net current assets |
| Total assets less current liabilities |
| Provisions for liabilities | 11 | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 12 |
| Retained earnings |
| Shareholders' funds |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Family Vision Limited (Registered number: 01562332) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2025 |
| 1. | Statutory information |
| Family Vision Limited is a |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The company's ultimate parent undertaking is Phillips Family Investment Limited, it includes this company in its consolidated financial statements. The consolidated financial statements of Phillips Family Investment Limited are available to the public and may be obtained from the company's registered address; 93 Commercial Street, Tredegar, Gwent. |
| Critical accounting judgements and key sources of estimation uncertainty |
| Critical accounting judgements in applying the Company's accounting policies and key sources of estimation uncertainty.There are no judgements made by the directors, in the application of the accounting policies that have significant effect on the financial statements or significant areas of estimation uncertainty that may cause material adjustments to the carrying values of assets or liabilities within the next financial year within the Company's accounts. |
| Turnover |
| Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers during the year. Income is recognised when substantially all of the risks and rewards of ownership have passed to the customer, generally being at the point of sale. |
| Income relating to maintenance of goods sold is treated as deferred income and released to the profit and loss account over the period of the maintenance obligation. |
| Interest receivable |
| Interest is received on the intercompany balance. Interest is recognised when it accrues using the effective interest method. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| The company's policy is to capitalise individual assets over £2,400. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost is based on the weighted average principle and includes expenditure incurred in acquiring the stocks and costs incurred in bringing them to their existing location and condition. |
| Stock is assessed at each reporting date by management to determine whether there is objective evidence that it is impaired. Stock is impaired if objective evidence indicated that a loss event has occurred after the initial recognition of the asset and that the loss event had a negative effect on the estimated future cash flow of that asset that can be estimated reliably. |
| Family Vision Limited (Registered number: 01562332) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2025 |
| 2. | Accounting policies - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| A defined contribution plan is a post-employment benefit plan under which the company pays fixed into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees. |
| Going concern |
| As at 31 December 2025, the company had net current assets of £6,659,772, (2025: £6,483,758 and reported a profit before tax for the year then ended of £212,011 (2025: £68,055). The directors have prepared the financial statements on a going concern basis which they consider to be appropriate for the following reasons. |
| Following significant investment in improving its marketing strategy, as well as continuing the expansion of the range of products available to customers, during the financial period the company expanded its geographical footprint into the Midlands. These factors combined have helped the company achieve two consecutive years of turnover growth. |
| As at the date of this report, the company continues to invest in its marketing and looks to achieve revenue growth for a third consecutive financial year, albeit at a lower growth rate than that achieved in 2025. The company is also considering further geographical expansion to align with the geographical footprint of its parent company, which will allow economies of scale to be built by sharing resources available in these areas. |
| The company participates in the group's centralised treasury arrangements and so shares banking arrangements with its parent, Family Finance Limited. In addition, the company has a receivable balance due from Family Finance Limited of £6,591,582. |
| During the financial period, the directors applied to the Financial Conduct Authority (FCA) to remove the brokering permissions that the company holds, with the intention of hiving up the trade and assets of the company into its parent company. On 7 January 2026, the FCA provided the relevant approvals for this to take place and on 31 March 2026, the company hived up its trade and assets to its parent, Family Finance Limited. Family Vision Limited is expected to become a dormant entity going forward, following the settlement of its outstanding liabilities. The trading name has been adopted by its parent company and the trade continues through the parent, thus removing the regulatory requirements of brokering. The directors expect that this restructure will streamline the group from an operational, legal and regulatory perspective. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| Family Vision Limited (Registered number: 01562332) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2025 |
| 4. | Intangible fixed assets |
| Computer |
| software |
| £ |
| Cost |
| At 1 January 2025 |
| and 31 December 2025 |
| Amortisation |
| At 1 January 2025 |
| and 31 December 2025 |
| Net book value |
| At 31 December 2025 |
| At 31 December 2024 |
| 5. | Tangible fixed assets |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| Cost |
| At 1 January 2025 |
| Disposals | ( |
) | ( |
) |
| At 31 December 2025 |
| Depreciation |
| At 1 January 2025 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2025 |
| Net book value |
| At 31 December 2025 |
| At 31 December 2024 |
| 6. | Fixed asset investments |
| Shares in |
| group |
| undertaking |
| £ |
| Cost |
| At 1 January 2025 |
| and 31 December 2025 |
| Net book value |
| At 31 December 2025 |
| At 31 December 2024 |
| Family Vision Limited (Registered number: 01562332) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2025 |
| 7. | Debtors: amounts falling due within one year |
| 2025 | 2024 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| Deferred tax asset |
| Prepayments |
| 8. | Creditors: amounts falling due within one year |
| 2025 | 2024 |
| £ | £ |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Accrued expenses |
| 9. | Leasing agreements |
| Minimum lease payments fall due as follows: |
| Hire purchase |
| contracts |
| 2025 | 2024 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Non-cancellable |
| operating leases |
| 2025 | 2024 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 10. | Secured debts |
| The bank account has the following guarantees attached to it: |
| 1) Debenture on the banks standard form dated 07/04/1997 |
| 11. | Provisions for liabilities |
| 2024 |
| £ |
| Deferred tax | 760 |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2025 |
| Credit to Income Statement during year | ( |
) |
| Balance at 31 December 2025 | ( |
) |
| Family Vision Limited (Registered number: 01562332) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2025 |
| 12. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| 13. | Pension commitments |
| The company operates a defined contribution pension scheme for certain employees of the company. The assets of the scheme are held separately from those of the company. Contributions to the scheme are determined by the directors. Contributions to the scheme for the year were £1,596 (2024: £2,963). |
| 14. | Related party disclosures |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| During the year, the company participated in the following transactions with related parties: |
| Party | Relationship | Transaction | 2025 | 2024 |
| £ | £ |
| Family Finance Executive Pension Scheme |
Group Pension Scheme | Property Rentals payable | 40,000 | 40,000 |
| 15. | Post balance sheet events |
| During the financial period, the directors applied to the Financial Conduct Authority (FCA) to remove the brokering permissions that the company holds, with the intention of hiving up the trade and assets of the company into its parent company. On 7 January 2026, the FCA provided the relevant approvals for this to take place and on 31 March 2026, the company hived up its trade and assets to its parent, Family Finance Limited. Family Vision Limited is expected to become a dormant entity going forward, following the settlement of its outstanding liabilities. The trading name has been adopted by its parent company and the trade continues through the parent, thus removing the regulatory requirements of brokering. The directors expect that this restructure will streamline the group from an operational, legal and regulatory perspective. |
| 16. | Ultimate controlling party |
| The controlling party is The J R Phillips Family Settlement.. |
| The ultimate controlling party is |